NISM Series XIX-D Mock Test: Category I and II Alternative Investment Fund Managers
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series XIX-D exam
NISM Series XIX-D is the manager certification specific to Category I and II AIFs — fund structuring, fees and waterfalls, investment process, valuation, monitoring and exits, taxation and SEBI AIF regulations.
Who should take it: Investment team members of Category I and II AIF managers, such as venture capital and private equity funds.
NISM Series XIX-D exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 180 minutes |
| Passing score | 60% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series XIX-D question bank
Our 50-question bank for NISM Series XIX-D covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Investments Landscape2 practice questions
- Types of Investments3 practice questions
- AIFs in India and Its Suitability3 practice questions
- AIF Ecosystem3 practice questions
- AIF Structuring5 practice questions
- Fee Structure of AIFs4 practice questions
- Fund Performance and Benchmarking4 practice questions
- Legal Documentation and Negotiations4 practice questions
- Investment Strategies4 practice questions
- Investment Process and Governance of Funds4 practice questions
- Valuation3 practice questions
- Fund Monitoring, Reporting and Exit3 practice questions
- Taxation3 practice questions
- Regulatory Framework5 practice questions
Free NISM Series XIX-D sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
Which investor type is typically best positioned to hold long-dated, illiquid private equity commitments?
- A household saving for a house purchase next year
- A money market fund
- A pension fund or endowment with long-term liabilities
- A corporate treasury managing daily working capital
Show answer & explanation
Answer: C. A pension fund or endowment with long-term liabilities
Long-horizon institutions can tolerate illiquidity and earn the associated premium.
Venture debt provided by a Category II AIF to a start-up typically:
- Ranks below common equity
- Is guaranteed by the government
- Supplements equity funding and often carries warrants giving the lender equity upside
- Never carries interest
Show answer & explanation
Answer: C. Supplements equity funding and often carries warrants giving the lender equity upside
Venture debt lends to VC-backed companies, usually with warrants to compensate for higher risk.
A fund that will invest in infrastructure projects such as roads and power, and that registers under a category regarded as socially or economically desirable, is a:
- Category III hedge fund
- Category I infrastructure fund
- Category II fund-of-funds
- Mutual fund infrastructure scheme
Show answer & explanation
Answer: B. Category I infrastructure fund
Infrastructure funds are a sub-category of Category I AIFs.
The main role of a placement agent for a Category II AIF is to:
- Value portfolio companies
- Introduce the fund to prospective investors during fundraising
- Hold the fund's securities in custody
- Approve investments as part of the investment committee
Show answer & explanation
Answer: B. Introduce the fund to prospective investors during fundraising
Placement agents and distributors help raise commitments.
In an AIF set up as a trust, the investment manager is appointed by:
- The investors individually
- SEBI directly
- The custodian
- The trustee through an investment management agreement
Show answer & explanation
Answer: D. The trustee through an investment management agreement
The trustee delegates management to the manager under an investment management agreement.
NISM Series XIX-D mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series XIX-D mock test FAQs
How many questions are there in the NISM Series XIX-D exam?
The NISM Series XIX-D paper has 100 multiple-choice questions for 100 marks, to be completed in 180 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series XIX-D?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series XIX-D?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series XIX-D mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series XIX-D study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.